Modern Slave
  • Home
  • Bitcoin
    U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

    U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

    Alameda Chief Caroline Ellison, FTX's Gary Wang Plead Guilty to 'Fraud' Charges

    Sam Bankman-Fried Seeks Right to Transfer FTX's Crypto

    Online Bank N26 to Offer Crypto Through Bitpanda’s Trading Product

    Bitcoin Miner Gryphon to Go Public Via All-Stock Merger With Cannabis Firm Akerna

    Bored Ape Artist's NFT Mint Sells Out So Fast, Many Fans Left Mad, Empty-Handed

    Bored Ape Artist's NFT Mint Sells Out So Fast, Many Fans Left Mad, Empty-Handed

    Bitcoin U.S. institutional investors

    U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

    Markets Seem Hopeful the Fed Will Temper Rate Increases That Crushed Prices

    Bitcoin Holds Steady Above $23K, White House Urges Congress to ‘Step Up’ Crypto Regulation

    Bitcoin Holds Steady Over $16K Amid Widening FTX Fallout

    Bitcoin Holds Steady Above $23K as Traders Eye Fed’s Next Meeting

    Strike CEO Brings Lightning Network to Point-of-Sale With Clover Commerce

    Strike’s Lightning Network Solution Can Supercharge Fintechs

    UK Man Sentenced to 4-1/2 Years in Jail for Stealing $2.5M in Crypto

    UK Man Sentenced to 4-1/2 Years in Jail for Stealing $2.5M in Crypto

  • Blockchain
  • Celsius
  • Crypto Mining
  • Ethereum
  • Exchanges
  • Forex Trading
  • Market
  • Regulation
  • More
    • XRP
    • Stellar
    • Store
  • Home
  • Bitcoin
    U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

    U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

    Alameda Chief Caroline Ellison, FTX's Gary Wang Plead Guilty to 'Fraud' Charges

    Sam Bankman-Fried Seeks Right to Transfer FTX's Crypto

    Online Bank N26 to Offer Crypto Through Bitpanda’s Trading Product

    Bitcoin Miner Gryphon to Go Public Via All-Stock Merger With Cannabis Firm Akerna

    Bored Ape Artist's NFT Mint Sells Out So Fast, Many Fans Left Mad, Empty-Handed

    Bored Ape Artist's NFT Mint Sells Out So Fast, Many Fans Left Mad, Empty-Handed

    Bitcoin U.S. institutional investors

    U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

    Markets Seem Hopeful the Fed Will Temper Rate Increases That Crushed Prices

    Bitcoin Holds Steady Above $23K, White House Urges Congress to ‘Step Up’ Crypto Regulation

    Bitcoin Holds Steady Over $16K Amid Widening FTX Fallout

    Bitcoin Holds Steady Above $23K as Traders Eye Fed’s Next Meeting

    Strike CEO Brings Lightning Network to Point-of-Sale With Clover Commerce

    Strike’s Lightning Network Solution Can Supercharge Fintechs

    UK Man Sentenced to 4-1/2 Years in Jail for Stealing $2.5M in Crypto

    UK Man Sentenced to 4-1/2 Years in Jail for Stealing $2.5M in Crypto

  • Blockchain
  • Celsius
  • Crypto Mining
  • Ethereum
  • Exchanges
  • Forex Trading
  • Market
  • Regulation
  • More
    • XRP
    • Stellar
    • Store
No Result
View All Result
Modern Slave
No Result
View All Result
Home Celsius

Celsius proposes crypto-currency token issuance as part of restructuring plan

by Source in article
January 26, 2023
in Celsius
0
Celsius proposes crypto-currency token issuance as part of restructuring plan

According to reports, Celsius Network LLC may issue a bankruptcy crypto-currency token to pay off its creditors. The move is part of a larger “collection company” set up by the failed crypto-currency lender to rebrand itself as a new publicly traded company.

After receiving several unconvincing acquisition offers, Celsius’ lawyers believe liquidation would generate less cash than reorganization.

Celsius plans to launch faster crypto token in bankruptcy

Celsius has announced that its plans for a reorganization and a digital bankruptcy token may come to fruition in “a few months“The plan is subject to regulatory approval. According to the bankrupt company’s attorney, Ross M. Kwasteniet, creditors would benefit more from this plan than from attempts to sell hard-to-liquidate assets at depressed prices.

Under the recently unveiled plan, creditors whose stranded assets exceed a certain threshold would receive a one-time token. This token, called the Asset Share Token (AST), would reflect the value of these customers’ assets. In addition, AST holders could either keep their tokens, which would entitle them to periodic dividends, or sell them on the open market. Celsius also has repayment plans in place for the rest of its customers outside the threshold, which is between 60 and 70 percent of the overall customer base. According to the New Jersey-based bankrupt crypto lending company, these customers would receive a one-time distribution in liquid digital currencies. According to Kwasteniet:

“[La distribution] Would be at a discount. We don’t envision a full recovery, but it’s a significant recovery, your honor. It would be a one-time distribution in crypto cash – call it Bitcoin, Ethereum, or stablecoins. Something that has, you know, easily exchangeable, easily verifiable market value for anyone who has claims below a certain threshold.”

Kwasteniet also stated:

“[Les déposants de Celsius] all have something in common – they all deposited crypto, and they all have a claim for the return of crypto, and we are focused on developing a plan that treats them equally … Earn customers, we think, are going to be treated equally.”

In addition, Kwasteniet explained that these customers would be entitled to a significant return of value.

The payment threshold must be determined

Celsius negotiated with numerous creditor groups on how to establish the new corporation and the token payment plan. However, the company’s lawyers did not specify the payment threshold. According to Kwasteniet, Celsius is still discussing the dollar threshold amount with the unsecured creditors committee (UCC). The company’s attorney also added that it would file court documents detailing its plan later this week.

As part of its restructuring and reinvention plans, Celsius attorneys have also asked the court for permission to sell certain unused mining equipment. In addition, the company has previously argued that its wholly-owned mining subsidiary, Celsius Mining, could eventually become profitable again.

Celsius’ bankruptcy case, Celsius Network LLC, 22-10964, is proceeding in the U.S. Bankruptcy Court for the Southern District of New York, based in Manhattan.

Source link

Recommended

Brad Garlinghouse announces expansion out of the US if outcome is unfavorable

XRP price signals breakout, Ripple bulls to eye 20% rally soon

4 days ago
Bitcoin Supply On Exchanges Hits New Multi-Year Low Of 13.27%

Bitcoin Supply On Exchanges Hits New Multi-Year Low Of 13.27%

12 months ago

Popular News

    BlockFi Halts Withdrawals Citing Lack of Clarity Regarding FTX

    BlockFi Gets Approval to Pay Staff $10M Bonus

    January 28, 2023
    Mashida (MSHD) Is Now Available on LBank Exchange

    Mashida (MSHD) Is Now Available on LBank Exchange

    January 28, 2023

    Continues to Hang Around the Same Level

    January 28, 2023

    Must Read

    • BlockFi Gets Approval to Pay Staff $10M Bonus
    • Mashida (MSHD) Is Now Available on LBank Exchange
    • Continues to Hang Around the Same Level
    • U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors
    • Foundation Behind XRP Rival Stellar (XLM) Tapped for Position on New CFTC Advisory Committee

    Category

    • Bitcoin
    • Blockchain
    • Celsius
    • Crypto Mining
    • Ethereum
    • Exchanges
    • Forex Trading
    • Market
    • Regulation
    • Stellar
    • XRP

    Important Pages

    • Home
    • Privacy Policy
    • Terms and Conditions
    • Social Media Disclaimer
    • Medical Disclaimer
    • FTC Compliance
    • Earnings Disclaimer
    • DMCA Compliance
    • Copyright Notice
    • Anti-Spam Policy
    • Contact Us

    About Us

    We provide latest News related to CryptoCurrency.

    • Home
    • Contact Us
    • Terms and Conditions
    • Privacy Policy
    • Copyright Notice

    © 2021 Modernslave.io

    No Result
    View All Result
    • Home
    • Bitcoin
    • Blockchain
    • Celsius
    • Crypto Mining
    • Ethereum
    • Exchanges
    • Forex Trading
    • Market
    • Regulation
    • Stellar
    • XRP

    © 2021 Modernslave.io

    By continuing to browse the site you are agreeing to our use of cookies
    x Logo: Shield Security
    This Site Is Protected By
    Shield Security →

    Subscribe For Latest Updates

    Sign up to best of crypto news, informed analysis and opinions on what matters to you.

    Invalid email address
    We promise not to spam you. You can unsubscribe at any time.
    Thanks for subscribing!